IFCI Ltd. Company History and Annual Growth Details

1948

- The Company was Incorporated on 1st July, at New Delhi. TheCorporation provides medium and long-term credits to industrialconcerns in India. Any public limited company or co-operative societyincorporated and registered in India which is engaged, or proposes toengage itself, in the manufacture, preservation or processing of goods,or in the shipping, mining or hotel industry or in the generation or ofdistribution of electricity or any other form of power, is eligible forfinancial assistance.

1962

- 4,000 shares issued for cash.

1970

- In consultation with other all-India financial institutions, viz.,the IDBI, the LIC and ICICI, the Corporation announced on 23rd July,certain concessions to eligible industrial concerns that may be locatedin the notified districts in the less developed States/areas.

- The Corporation also received instructions from Government that itcould entertain applications for financial assistance from publicsector undertakings on the same basis as applications from privatesector concerns.

- The important terms and conditions on which loans are sanctionedare:- (i) Security: First charge of all the fixed assets such as land,buildings, plant and machinery and fixtures. Raw materials,stock-in-process and finished good will not be mortgaged. (ii) Margin:Generally 50% of the value of total assets including those to beacquired with the loan. This may be to 35% in special cases with priorapproval of the Central Government. (iii) Period: will be spread overup 35 years to suit borrower's convenience.

1975

- The Risk Capital Foundation was sponsored by IFCI, for offeringservice to first generation of new entrepreneurs by providing theirinterest-free personal loans, more or less in the form of venturecapital assistance.

1985

- 20,000 shares issued.

1986

- 25,000 shares issued.

1987

- The Company was converted into a company known as "Risk Capital &Technology Finance Corporation, Ltd. The other subsidiaries are IFCIFinancial Services Ltd., IFCI Investors Services Ltd. and IFCICustodial Services Ltd.

- With a view to competitive repositioning of IFCI, the Corporation,undertook to harness organisational strength by concentrating oncontinuous improvement of core competence. It was proposed to makeentry into new business areas such as stock broking, asset management,investor services, insurance etc.

- The Corporation raised Rupee resources including a public issue offamily bonds which were offered in five categories viz. millionairebond, growing income bond, education bond, Gift bond and retirementbond for an aggregate amount of Rs 800 crores.

- Shri K.D. Agrawal, Chairman & Managing Director, upon completion ofhis term, demitted office on 15th July. In his place, Shri P.V.Narasimham was appointed as an Additional Director and Chairman &Managing Director of the Corporation with effect from 16th July.

1999

- The name of the Company has been changed from "The Industrial FinanceCorporation of India Ltd." to IFCI Ltd." w.e.f. 27th October.

2000

- The Voluntary Retirement scheme offered by Industrial FinanceCorporation of India has evoked lukewarm response with only 50employees taking the option.

- ICRA Ltd. downgraded the long-term and medium-term ratings of itsprincipal promoter IFCI Ltd. by two notches to `LAA-' and `MAA-', fromthe earlier `LAA+' and `MAA+'.

- The North Eastern Office of the company will launch the IFCI FamilyDeposits Scheme on August 14.

- Financial Institution IFCI Ltd and the Dubai-based Mashreq Ba-nkGroup have signed an agreement for the first tranche of a $50 millionsyndicated loan.

- IFCI has launched a private placement of non-convertible debenturesto raise at least Rs 100 crore a merchant banker to the issue.

2001

- Mr. Y.P. Gupta has resigned from the board of directors.

2002

-IFCI Ltd has informed that they have executed a negotiated deal on April 1, 2002 with Yield Securities & Credits Pvt Ltd for sale of 16,46,579 equity shares of Indorama Synthetics India Ltd (IRSL) (being 0.99% of the paid up capital) and with Virgin Securities & Credits Pvt Ltd for the sale of 16,46,580 equity shares of Indorama Synthetics India Ltd (being 0.99% of the paid up capital) at Rs 12.0445 per share, in terms of the share purchase agreement dated March 26, 2001 between IFCI & Shri OP Lohia, promoter of IRSL.

-The shareholders approved the appointment of Indian Institute of Management's I M Pandey as a new director on the board, while clearing the reappointment of Ashok Lahiri, director National Institute of Public Finance and Policy. They also ratified the appointments of VP Singh as chairman and managing director IFCI and chartered accountant S Ravi as a director on the board.

-IFCI Ltd has informed BSE that Dr Ashok Lahiri has resigned from the board with effect from October 17, 2002.

-IFCI Ltd has informed that Ministry of finance, Department of Economic Affairs (Banking Division) Government of India, vide its letter dated November 18, 2002 has nominated Shri Vinod Rai Joint Secretary (Banking Division) as the Government Director on the Board of IFCI Ltd in place of Shri U K Sinha.

2003

-Jindal Strips Limited has informed the that IFCI Ltd. has withdrawn the nomination of Sh. S. Lahiri from the BOD of the company w.e.f. June 05, 2003.

-IFCI Limited has informed that a meeting of the Bondholders holding Millionaire Bonds was held on June 25, 2003 and the following resolutions were passed.

1) Resolved that pursuant to the provisions of the Prospectus dated July 03, 1996 for issue of Unsecured Redeemable Bonds in the nature of Promissory Notes and subject to such approval, if any, as may be necessary and such conditions as may be prescribed by any authorities in granting such approval, the consent of the bondholders be and is hereby accorded for the variation in the terms and conditions contained in the prospectus, to provide that, the company shall, in addition to the options already provided in the prospectus, have the authority, to exercise the call option/ right to redeem the Millionaire Bonds in whole or part of parts thereof as and when decided by the Board of Directors of the company, after giving two months' notice and in that event, the deemed face value of the bond immediately before the date of redemption as indicated in the prospectus along with accrued interest till the date of redemption so notified by the company (deemed date of redemption) at the implicit rate of interest will be paid to the bondholders.

2) Resolved further that on exercise of such right of early redemption at any time and on payment of redemption amount as above, the bond shall stand fully discharged and the company shall not be liable to pay any further interest,damage, compensation after such deemed date of redemption. 3) Resolved further that for the purpose of giving effect to these resolutions, the Board be and is hereby authorized to do all such acts, deeds, matters and things, as it may in its absolute discretion, deem necessary, proper or desirable and to settle any question, difficulty or doubt that may arise in regard to varying the terms of the issue and redemption of the bonds pursuant to such right of early redemption

-Dr.Amit Mitra gave his resignation from the board of directors of the company due to hispre-occupation.

-IFCI takes over the control of the Rewari unit of East India Syntex under the Securitisation& Financial Assets &Enforcement of Security Interest Act

-IFCI Ltd Board appoints four member panel to appoint new MD and Chairman for itsDelhi-based firm.

2004

-IFCI merger with PNB's would help each other

-IFCI to merge with PSU bank by April 1

2007

-IFCI Ltd has approved the appointment of Shri Atul Kumar Rai, as Whole time Director.

2008

-IFCI Limited has informed that "Consequent upon change in the posting of Shri. S. P. Arora, Company Secretary of IFCI, to another department, Ms. Rupa Sarkar, Asstt. General Manager, has been designated Company Secretary & Compliance Officer of the company with effect from March 3, 2008".

- Ifci Ltd has informed that Shri K.V.Eapen, Joint Secretary, Ministry of Finance, Department of Financial Services, New Delhi has been appointed as the second Government Director on the Board of the Company w.e.f. September 12, 2008. Further, Shri. R.K.Kapoor, Director has retired from the Board of the Company w.e.f. September 12, 2008.

- IFCI Ltd has appointed Shri. Sujit K Mandal as Whole Time Director on the Board of IFCI Ltd w.e.f. November 01, 2008.

-IFCI Ltd. forays into Factoring Business

2009

-IFCI Ltd has informed BSE that the Company has acquired 5% stake in the present equity share capital of MCX Stock Exchange Ltd (MCX-SX) from Financial Technologies (India) Ltd ("FTIL") at Rs 35/- per equity share, subject to the terms & conditions of the Agreement, entered between the Company & FTIL.

2010

- Industrial Finance Corporation of India (IFCI) is eyeing to invest Rs. 1,000 crore to establish a base in the proposed global financial district in Bangalore.

- IFCI Ltd has informed BSE that Mr. Rakesh Bharti Mittal has been appointed as an Additional Director on the Board of the Company w.e.f. October 27, 2010.

- IFCI Ltd has announced the pact with the Mumbai-based Core Infrapower Ltd (CIPL), a CORE Group company, for joint development of a 1,320-MW power project at Ratnagiri district in Maharashtra.

2011

- IFCI and SycamoreVentures to launch Infrastructure Fund.

- Launch (IFCI)-Partners with Sycamore Ventures.

2012

- IFCI Ltd has informed BSE that the Board of Directors of the Company has re-appointed Shri Atul Kumar Rai, as Chief Executive Officer & Managing Director of the Company for a further period of five years w.e.f. June 01, 2012.

- The capital market regulator has cleared the governmentâs proposal to buy a majority stake in IFCI Ltd through conversion of debentures and also exempted it from making an open offer to minority investors, which has been mandatory otherwise. As per the regulations, any acquirer of 25 per cent or more has to make an open offer for a further 26 per cent stake from the public shareholders.

- IFCI Financial City : IIDL brings India`s first Financial City to Bengaluru.

2013

-IFCI Ltd has appointed Shri Malay Mulcherjee as CEO & MD of the Company.

2015-IFCI now better equipped for Make In India programme-Signing of Memorandum of Understanding (MoU) between Institute of Leadership Development and IFCI Limited and the Government of Rajasthan-Press Coverage of inauguration function of Vijayawada Regional Office, Andhra Pradesh